Yesterday, I wrote that Ripple appeared to be stuck around the $0.20 handle and that something extraordinary could help it break free. Well, that event is almost here: SWELL.
SWELL is Ripple’s first annual conference, and though it probably won’t make the front page of The New York Times, it’s definitely front-page Ripple news. It is, for example, a much-debated topic on XRPchat.com, the main place to source Ripple trading ideas.
According to some of the commenters on XRP Chat, there is an expectation for big reveals at the conference. I want to stress that this is not likely to happen.
Ripple positioned this conference as an explicit challenge to SWIFT, the settlement company it is trying to disrupt. It would be a miracle if Ripple pulled off the event smoothly, let alone in a comparable fashion to SWIFT.
Thinking that it’ll also drop in easter eggs for investors is a little far-fetched.
That said, XRP prices don’t need explosive news to bend the Ripple price prediction upwards. Ripple simply needs to attract new users, which it can achieve by convincing the conference’s Wall Street audience that enterprise blockchains are the future.
In any case, on Tuesday, the Ripple to USD exchange rate advanced 2.52% to $0.204936. Meanwhile, the Ripple to Bitcoin rate jumped 3.89% to 0.00004848 BTC.
Trading volumes were certainly a matter of quality over quantity on Tuesday because only $48.7-million worth of XRP tokens changed hands. Contrast that with the middle of last month, when investors traded $289.4-million worth of Ripple.
One would imagine that the lack of liquidity would make it hard to find a bid, but as you can see, XRP prices shot up in the last 24 hours.
Two Korean exchanges, Bithumb and Coinone, are firmly leading the pack. Together, they account for 42.9% of all trading activity, though I should note that Bithumb accounts for the lion’s share of that contribution.
If I’ve said it once, I’ve said it a thousand times: enterprise blockchains are the endgame that Wall Street can live with. At the moment, XRP is the leading contender in enterprise blockchain, hence we shall maintain our $2.00 Ripple price prediction.